How It All Began
Xiaomi launched its first Mi smartphone in India, the Mi 3 in July 2014. Since its foray into the Indian market in 2014, Xiaomi has made tremendous strides in the market, and risen up to dominate the smartphone market. Often called the “Apple of China”, it lives up to its sobriquet, by delivering elegance and performance at a reasonable price.
The Rise and Rise of Xiaomi Smartphones
- Let the numbers speak for themselves: among the smartphone brands that sell in India, Xiaomi has grown the fastest with a 58.6% year-on-year increase in unit sales in 2018.
- It also achieved a market share of 29.9%, according to IDC. It has been in the market only four years now but has beat Samsung, which now has a market share of 25.8%.
- Xiaomi has had a dramatic growth in India, which now accounts for more than a third of Mi smartphone sales globally. Why it has worked so well is because it provides the Indian middle class with the best of both worlds for them: a premium model which they can flaunt, and affordability. In its initial time here, Xiaomi smartphones penetrated the market through flash sales on e-commerce platforms, primarily Flipkart.
- Its marketing has always been ahead of its curve, intuitive and well, it has worked. The company entered the market in partnership with Flipkart, India’s leading online retailer, using hunger-marketing tactics to market its value-for-money Mi mobile phones. Interested customers were supposed to register for the sale. There was only a limited stock of devices, which usually were sold out in a few seconds.
- While the flash sales created hype, it also had its limitations. The brand realised it was time to mark physical presence in the country that was turning into their largest expanding market. Last year in October, Xiaomi launched 500 offline stores in India in one go.
USP: Value for Money
- The primary attraction of Xiaomi smartphones lies in the fact that they are just as functional, sleek and elegant as iPhones, but are way cheaper. Brands like Samsung also levy a premium for their brand name, making them a little more expensive than the Mi mobile phones.
- Xiaomi is currently pushing its products aggressively through a three-pronged strategy. They are pushing sales through pop-up stores at large format electronics retailers, Mi Preferred Partner stores, and its own Mi Home stores. This is, of course, in addition to the market it is tapping on e-commerce platforms online.
- The aggressive pricing of smartphones, high-end features and positioning as ‘value-for-money’ rather than ‘cheap’ is what has worked for Xiaomi. A smartphone of the same calibre and features (64GB storage, 4GB RAM) would easily cost around Rs 20,000 Xiaomi’s Redmi Note 4, loaded with the given specs, is priced at Rs 13,000.
The Success Recipe
The success of Xiaomi smartphones in India can be easily attributed to the brand’s acute understanding of the market and correct pricing. With the influx of so many brands and models, people have a real choice. They do want to own stylish and elegant phones, but increasingly, everyone is realising how often and how fast smartphones are getting outdated.
Competitive pricing all the way
- Offering a phone that gives all the services at a reasonable cost was really the best way to crack this market. You wouldn’t want to spend a whopping Rs 40,000 on a model if you know it is soon going to be replaced with a better, upgraded version
- Xiaomi had a keen business acumen in understanding that. The brand also understood that India’s smartphone consumer market is still largely offline, so it took measures to ensure significant brand visibility offline too. Most importantly though, the appeal of the brand lies in their focus on affordability without compromising on quality.
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Check out all the latest smartphone models on the Bajaj Finserv EMI Store along with their features and prices in India. So there you go. Now what are you waiting for? Go buy your favourite device today!
To read more interesting blogs on smartphones, you can check out: Xiaomi Fingerprint Sensor Phones, Everything about Xiaomi Redmi 5, Everything You Need To Know About Xiaomi Mi A2, and many more at Bajaj Finserv MARKETS Blogs.
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